Shares of Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) hit a new 52-week high during trading on Wednesday after HC Wainwright raised their price target on the stock from $54.00 to $105.00. HC Wainwright currently has a buy rating on the stock. Madrigal Pharmaceuticals traded as high as $80.71 and last traded at $46.30, with a volume of 86700 shares trading hands. The stock had previously closed at $47.98.
Several other analysts have also recently commented on MDGL. Evercore ISI initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Friday, September 22nd. They set an “outperform” rating and a $65.00 target price for the company. JMP Securities upped their target price on shares of Madrigal Pharmaceuticals from $40.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 13th. Finally, Roth Capital initiated coverage on shares of Madrigal Pharmaceuticals in a research report on Thursday, October 19th. They set a “buy” rating and a $62.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Madrigal Pharmaceuticals currently has an average rating of “Buy” and a consensus target price of $78.75.
Several institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC raised its position in shares of Madrigal Pharmaceuticals by 0.7% during the 1st quarter. Renaissance Technologies LLC now owns 57,875 shares of the biopharmaceutical company’s stock valued at $891,000 after acquiring an additional 400 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $2,274,000. Northern Trust Corp grew its holdings in shares of Madrigal Pharmaceuticals by 151.2% in the 2nd quarter. Northern Trust Corp now owns 50,069 shares of the biopharmaceutical company’s stock valued at $814,000 after buying an additional 30,134 shares during the period. State Street Corp acquired a new position in shares of Madrigal Pharmaceuticals in the 2nd quarter valued at $539,000. Finally, VHCP Management II LLC acquired a new position in shares of Madrigal Pharmaceuticals in the 3rd quarter valued at $1,349,000. Institutional investors own 21.40% of the company’s stock.
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About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc, formerly Synta Pharmaceuticals Corp., is a clinical-stage biopharmaceutical company. The Company focuses on the development and commercialization of therapeutic candidates for the treatment of cardiovascular-metabolic diseases and nonalcoholic steatohepatitis (NASH). The Company’s lead product, MGL-3196, is a Phase II-ready once-daily, oral, liver-directed selective thyroid hormone receptor-b (THR-b) agonist for the treatment of NASH, and heterozygous and homozygous familial hypercholesterolemia (FH).
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